Direct tax Code 2011 cleared by Cabinet

• Effective Date : April 1, 2012• New Direct Tax Code 2011: Major relief for salaried class• The new provisions under the Direct Tax Code are as follows: • Tax

Pay Income Tax Through ATM

Paying Income Tax may now be as easy as paying your credit card or phone bill. CBDT has now enabled payment of taxes through ATMs of certain designated banks using

PENALTIES UNDER INCOME TAX ACT

This Article has been written by CA. SUMIT VASUDEV He can be contact at: [email protected]   For non-compliance with the different provisions of our Income Tax Act, Section 140A, 143(1A), 221 and

Don’t worry, Due Date of Filing Return for Asst Yr. 2011-12 is not 31st July But 1st August !

July 31st is Sunday and the income tax department has announced for special arrangement for receiving the returns. However, the department has not notified it as the working day. In essence , while the

Limited Liability Partnerships now eligible for stock exchange memberships

Stock Market regulator, SEBI has announced that Limited Liability Partnerships (LLPs) can now apply for Stock Exchange memberships. LLPs are a coalition of partnership firm and a company; it provides benefits of limited liability

PAN Card No. mandatory for purchasing Jewellery worth 5 Lakhs or more

  To keep a curb on Black Money and Investments through Black Money, the Govt has w.e.f. 1st July 2011 made it mandatory to furnish PAN Card No. for all transactions involving purchase of

For electronically filing of IT return of Firms and Individuals/HUFs covered under section 44AB Digital Signatures required.

  The firms, Individuals or HUFs who are carrying any Business (Turnover or receipts exceeds Rs.60 lacs) or profession (Gross receipts exceeds Rs.15 Lacs) and their accounts are required to

Ditect Tax Code

  •Direct Tax Code will replace Income tax Act, 1961 and Wealth tax Act (Covering Income Tax, TDS, DDT, FBT and Wealth tax).  Shall come into force on the 1st

Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs. 5 lakh from filing income tax return for assessment year 2011-12, which will